Mineral projects investor Metal Tiger (LON:MTR) is encouraged by the first set of holes drilled at the Tshimologo prospect in the Kalahari copper belt.
The first five reverse circulation (RC) drill holes completed at the Tshimologo prospect, 25 kilometres north of Ghanzi Town, intersected significant down hole widths, ranging between five and 42 metres, of disseminated copper mineralisation.
Drilling intersected both oxide copper (malachite and chrysocolla) and deeper sulphide copper (chalcocite and bornite) mineralisation, Metal Tiger told investors.
Copper (Cu) occurs in two distinct zones: Mahumo type sediment hosted contact mineralisation and shear related mineralisation associated with quartz veining.
The Tshimologo prospect is structurally complex and further drilling is required to estimate the true widths of the recent intersections, the company advised. Copper grades will be reported when assays are received, it added.
The prospect is the first target to be drilled by the joint-venture (JV) between Metal Tiger and Aussie miner MOD Resources (ASX:MOD) on the licences recently acquired from DMI. Metal Tiger has a 30% interest in these licences.
Drilling is expected to resume when the first assays are received back from the lab; in the meantime, drilling will take place to test two separate targets at T2, six kilometres east of the Mahumo deposit.
"We are extremely pleased to see the progress being made in the drilling programme both in terms of the efficiency of operations by our JV partners and also the extent of visible mineralisation already identified,” said Paul Johnson, chief executive officer of Metal Tiger.
“Given the progress achieved and the extent of mineralisation identified we are looking forward to receipt and interpretation of the assay results and the completion of the remainder of this stage of the drilling programme,” he added.
Shares in Metal Tiger rose 0.5% to 1.21p in a falling market in the morning session.